Diana Shipping Inc., a Greece-based global dry bulk shipping company, has announced two new time charter contracts for its vessels Philadelphia and Phaidra. These agreements are expected to generate over $10 million in gross revenue during their respective minimum charter periods. The contracts strengthen Diana Shipping’s earnings visibility and reaffirm its strategic positioning in the dry bulk market.
High-Earning Charter for Newcastlemax Vessel Philadelphia
The Philadelphia, a 206,040 dwt Newcastlemax vessel built in 2012, has been chartered to Refined Success Limited. The contract begins on May 29, 2025, at a gross daily rate of $21,500 (less 5% commission) and will run for a period up to August 2026. This high charter rate reflects strong demand in the large dry bulk segment and contributes significantly to Diana Shipping’s projected revenue for 2025–2026.
Charter Secured for Post-Panamax Vessel Phaidra
The Phaidra, an 87,146 dwt Post-Panamax vessel built in 2013, is chartered to SwissMarine Pte. Ltd., Singapore, with employment starting May 31, 2025. The agreed gross daily rate is $9,750 (less 5% commission), with a duration extending to February 2026. While the earnings are lower compared to Philadelphia, the charter ensures consistent fleet utilization and revenue from the mid-sized bulk market.
Expanding and Modernizing the Fleet for the Future
Diana Shipping currently operates 37 dry bulk vessels, spanning various sizes from Ultramax to Newcastlemax, with a total capacity of approximately 4.1 million dwt. The company also plans to enhance its sustainability profile by adding two methanol dual-fuel Kamsarmax vessels by 2028. With a fleet age averaging 11.57 years, Diana is maintaining a balance between operational efficiency and environmental compliance, positioning itself for long-term growth.
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Source: DIANA SHIPPING.INC
